Fitch Affirms Ratings on Wrigley CDO Ltd.

NEW YORK -- Fitch Ratings affirms all of the rated notes issued by Wrigley CDO Ltd. (Wrigley CDO). The affirmation of these notes is a result of Fitch's rating review process. The following rating actions are effective immediately:

-- $229,000,000 class I senior secured floating-rate notes affirmed at 'AAA';

-- $22,250,000 class IIa senior secured floating-rate notes affirmed at 'AA-';

-- $14,000,000 class IIb senior secured fixed-rate notes affirmed at 'AA-';

-- $37,000,000 class IIIa mezzanine secured floating-rate notes affirmed at 'A';

-- $9,000,000 class IIIb mezzanine secured fixed-rate notes affirmed at 'A';

-- $10,500,000 class IV mezzanine secured floating-rate notes affirmed at 'BBB';

-- $10,000,000 class A combination securities affirmed at 'A';

-- $10,264,598 class B combination securities affirmed at 'BBB-'.

Wrigley CDO, a collateralized debt obligation (CDO) that closed on July 30, 2002, is managed by Pacific Investment Management Company LLC (PIMCO). The fund was established to invest in a portfolio of primarily senior secured loans with the remaining portion in high-yield bonds. Included in its review of Wrigley CDO, Fitch discussed the current state of the portfolio with PIMCO, as well as their portfolio management strategy.

According to the May 28, 2004 trustee report, all performance and collateral profile tests were in compliance. The portfolio experienced minor credit migration with the WARF increasing from 43 ('BB-') as of the first available trustee report dated Oct. 31, 2002 to 45 ('BB-') on May 28, 2004. Assets rated 'CCC+' or lower represented less than 1% of the portfolio. All the overcollaterization tests have improved by more than 4% since the effective date. PIMCO indicated they are actively managing the current cash balance of $43.5 million as shown in the most recent trustee report dated May 28, 2004.

As a result of this analysis, Fitch determined that the original ratings assigned to the notes still reflect the current risk to noteholders. Fitch will continue to monitor Wrigley CDO closely to ensure accurate ratings. (For more information on the Fitch Vector Model, see 'Global Rating Criteria for Collateralised Debt Obligations,' dated Aug. 1, 2003, available on Fitch's web site at www.fitchratings.com.)

PIMCO's leveraged loan group is currently rated 'CAM1', Fitch's top CDO asset manager rating. This rating reflects the depth and experience of its portfolio management team, the performance of its CLOs, its strong internal control environment, and its highly integrated asset management systems. For more information on Fitch's CDO asset manager rating methodology, see the report 'Rating CDO Asset Managers,' dated Feb. 13, 2004, and for more information on Fitch's CDO asset manager rating of PIMCO's high-yield asset management team, see the report 'Pacific Investment Management Company (PIMCO),' dated March 15, 2004, available on the Fitch Ratings web site at www.fithcratings.com.

The ratings of the class I notes, IIa notes, and IIb notes address the likelihood that investors will receive full and timely payments of interest on scheduled interest payment dates as per the governing documents, as well as the stated balance of principal by the legal final maturity date. The ratings of the class IIIa notes, IIIb, and IV notes address the likelihood that investors will receive ultimate and compensating interest payments, as well as the stated balance of principal on the final payment date. The rating of the class A combination securities addresses the likelihood that investors will receive the stated balance of principal on the final payment date and an internal rate of return of 4.746% on the original investment amount. The rating of the class B combination securities addresses the likelihood that investors will receive the stated balance of principal on the final payment date.